Mortgage rates made it to their lowest levels in a month this week, once again getting a helping hand from trouble in the tech sector. The overall improvement was smaller than last week’s, but Thursday offered another impressive example of how quickly concerns about AI-related growth can translate to lower borrowing costs for homebuyers. Last week,
Mortgage rates just had their best week since late March with the average lender down a whopping 0.27% from last Friday. That would be welcome news under any circumstances, but it’s especially striking in a week when the biggest economic reports offered what would normally be compelling reasons for rates to move higher. Last week, we
Mortgage rates finally had a better week, with Thursday bringing the biggest daily drop in 3 months and Friday adding enough improvement to claim the lowest levels in 2 weeks. Granted, “2-week lows” won’t sound especially exciting to anyone who remembers where rates were at the end of August. Most of the damage remains intact. But
It’s been a bumpy ride for interest rates recently, and while this week was no exception, the pace subsided slightly. Nonetheless, rates moved higher with Wednesday seeing the highest average 30yr fixed rates since November 1, 2023. On the bright side, that’s a lot better than the story in 10yr Treasury yields, which hit their highest
At 9:44am ET on Wednesday, this week’s rate story was mostly about waiting for next week’s economic data. At 9:45, an unlikely report made the wait a lot more uncomfortable. The report was S&P Global’s preliminary Purchasing Managers’ Indexes, or PMIs. They measure business activity in manufacturing and services, and they almost never have a major
It’s a common refrain in this newsletter: The Fed does not hike/cut mortgage rates and the two can often move in opposite directions in the short-term. Mortgage rates were already surging above 7% last week as oil prices broke above $100 per barrel and diesel prices at the pump reached all-time highs. Inflation data also increased
